About Us

The Utah Higher Education Assistance Authority (UHEAA), a subsidiary of the State Board of Regents, is an agency of the State of Utah which administers Utah's student financial aid programs, including the student loan guarantee program and secondary market, state need-based financial aid, the Utah Educational Savings Plan Trust, and the Utah Engineering and Computer Sciences Loan Forgiveness Program. UHEAA's mission includes comprehensive outreach and information to assist citizens in planning for and financing postsecondary education, and special programs to keep student loans affordable and help borrowers avoid delinquencies and defaults.

These programs exist to provide financial and informational assistance to Utah residents and students attending Utah postsecondary institutions in making the best decisions about and obtaining financial access to higher education.

Borrower Benefits

UHEAA will reduce the interest rate charged to borrowers on Federal Stafford and Federal Parent and Graduate/Professional PLUS loans that are guaranteed and owned by UHEAA as determined by the date of loan servicing begin date (repayment date):

- For loans first disbursed on or after July 1, 2008, by 0.25%.

- For loans first disbursed on or after January 1, 2008 and before July 1, 2008, by 0.50%.

- For loans first disbursed on or before December 31, 2007, by 1.25%.

UHEAA will reduce the interest rate charged to borrowers on Federal Consolidation loans that are guaranteed and owned by UHEAA as determined by the date of first disbursement and UHEAA's ability to continue providing the benefit to borrower. The interest rate is currently being reduced as follows: (please note that UHEAA indefinitely suspended originating Federal Consolidation loans effective September 1, 2008):

- For loans disbursed on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the interest rate by 0.25%.

- For loans first disbursed on or after May 1, 2006 and before December 31, 2007, UHEAA will reduce the interest rate by 0.50%.

- For loans disbursed on or before April 30, 2006, UHEAA will reduce the interest rate by 1.25%.

- These benefit(s) are active during any period in which the borrower makes payments automatically from a checking or savings account through UHEAA’s Automatic Payment Benefit program, subject to the following:
- In order to qualify for the Automatic Payment Benefit, all of a borrower's loans serviced by UHEAA must be set up for automated payments.

- Loans that are in repayment status qualify for the Automatic Payment Benefit after the account is set up for automatic payments from a checking or savings account. Loans in deferment, forbearance or grace status are not eligible for the Automatic Payment Benefit. An Automatic Payment Benefit application received for a loan in deferment, forbearance or grace status will be processed once the loan enters repayment.

- The Automatic Payment Benefit interest rate reduction will remain in effect as long as the loan(s) is paid by automated payments and UHEAA determines it can provide the benefit. The benefit may be reduced or eliminated at UHEAA's discretion.

- The Automatic Payment Benefit may be canceled if the loan has a returned transaction for any reason (NSF, Account Closed, Incorrect Transit/Routing number, deferment or forbearance, etc.).

- If the Automatic Payment Benefit is not canceled upon deferment or forbearance, the loans accrue interest at the federal statutory rate, not the reduced rate, during periods of deferment and forbearance. During periods of deferment, the U.S. Department of Education will pay the accrued interest on subsidized loans at the statutory rate.

For Federal Stafford or Federal PLUS loans guaranteed by UHEAA prior to May 1, 2000 and first disbursed on or after January 1, 1995, UHEAA will credit to the borrower’s principal balance an amount equal to the Origination Fees paid by the borrower in excess of $240 after the borrower pays the first 24 monthly payments on time, subject to the following:

- The borrower is allowed to make three late payments between 15 and 30 days after the due date without losing eligibility for the Timely Payment Origination Fee Credit Benefit.

- The borrower is immediately disqualified from the Timely Payment Origination Fee Credit Benefit if a payment is 31 days or more delinquent.

- The Timely Payment Origination Fee Credit Benefit is the net amount of origination fees charged to the borrower in excess of $240. To qualify for this benefit the total indebtedness of a borrower’s loans held by LPP must exceed $8,000.

- Periods of time when a loan is in deferment or forbearance are not used to calculate the 24-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the outstanding balance by 2% if the borrower pays the first 48 monthly payments on time.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 1993 and before December 31, 2007, UHEAA will reduce the interest rate 2% if the borrower pays the first 48 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after May 1, 2006 and for Federal Consolidation applications received prior to October 8, 2007 which result in a UHEAA guaranteed Federal Consolidation loan, UHEAA will reduce the interest rate 1% if the borrower pays the first 36 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after January 1, 1993 and before April 30, 2006, UHEAA will reduce the interest rate 1% if the borrower pays the first 48 monthly payments on time.
Eligibility for this interest rate discount is subject to the following additional terms and conditions:

- The borrower’s loan is immediately disqualified from the Timely Payment Benefit if a payment is made 15 days or more after its due date.

- The Timely Payment Benefit can be earned only during the first 48 or 36 months of repayment (depending on the type of loan and the origination date).

- Periods of time when an account is in deferment or forbearance are not counted in the 48- or 36-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment. A borrower must make 36 or 48 timely payments on all open loans in order to qualify. A borrower may not pay a single open loan or a subset of open loans ahead of other loans in order to accelerate eligibility.

- Federal Stafford or Federal PLUS loans entering repayment, or Consolidation Loans originated, prior to January 1, 1993 do not qualify for this benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans held by LPP on which this benefit has been earned, the borrower must re-qualify for the Timely Payment Benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans, the statutory rate, not the reduced rate, will be used to calculate the weighted average of the Federal Consolidation loan.

For Federal PLUS loans held by LPP and guaranteed by UHEAA with a first disbursement date on or after July 1, 1999 and before July 1, 2006, UHEAA applies a credit to your Federal PLUS loan principal balance equal to the amount of interest paid by you during the first 12 months of repayment, subject to the following:

- The PLUS Loan Interest Credit Benefit is calculated using the actual amount of interest paid on the account during the first 12 months of repayment. Capitalized interest does not count toward the credit.

- Periods of deferment or forbearance do not extend the 12-month repayment period.

- The Federal PLUS Loan Interest Credit Benefit is calculated and applied to the loan principal balance within 60 days after the end of the first 12 months of repayment.

- If a borrower pays a Federal PLUS loan in full during the first 12 months of repayment, the credit will be applied to the account and then refunded as an overpayment within 60 days of payoff. Overpayments are refunded to the borrower by check. If the loan is paid in full, the interest credit is equal to the actual amount of interest paid on the account, including accrued interest paid by consolidation.

- If the loan is paid in full by consolidation and the consolidation loan is held by LPP, the credit is applied to the consolidation loan.

- Lump-sum payments cannot accelerate Federal PLUS Loan Interest Credit Benefit eligibility. The loan does not become eligible for this benefit until the first 12 months of repayment have elapsed or the loan is paid in full, whichever comes first.

Loans that are rehabilitated and repurchased are not eligible for the Federal PLUS Loan Interest Credit Benefit.

Auto-Pay is an automatic Payment is a service for borrowers who prefer not to write checks to make their monthly loan payments. Once approved, UHEAA will electronically transfer your monthly installment, along with any additional amount you have requested, from your checking or savings account to your student loan account. This automatic transaction will happen on the same date each month.

Auto-Pay is the easiest and most convenient way to make your student loan payments.
- No more late fees. Since your installment amount is automatically withdrawn from your bank account, your payments will never be late (as long as the funds are available).

- Save money. No need to keep a large supply of stamps and envelopes, or pay for checks.

- Save time. Your time is valuable. The transaction is automatic, so there's no need to make a trip to the post office to mail your payment.

- Help the environment. Going paperless saves trees and reduces solid waste.
Using this service may also qualify you for an interest rate reduction.

Contact Us

Financial Aid

Families are expected to be the primary source of education funding. Savings and contributions from friends and relatives are often used to help meet education costs. Beyond this primary source of funding, financial aid is available to those who qualify. Types of financial aid include:

- Scholarships
- Grants
- Loans
- Work Study
- Other Need-based Aid

Scholarships are awards usually based on skill, ability, talent, or achievement.

Grants are funds that generally don't have to be repaid. A recipient who fails to enroll, withdraws, or changes enrollment status may owe a refund or repayment depending on the school's refund/repayment policy. Grants are usually awarded according to an applicant's financial need.

Loans are another option for students. If a student decides to borrower, they should always borrower from the federal government first. The Free Application for Federal Student Aid (FAFSA) must be completed prior to be awarded any federal financial aid.
Most student loans, some with government subsidies while in school, must be repaid.

Work study is also a form of financial aid. Work study is subsidized by the government allowing students to work at certain jobs on and off campus.

Other forms of need-based aid may include waivers of tuition and/or fees are offered by some schools. Military benefits may also be available to individuals (or to their dependents) who have performed military service or are preparing to enter the U.S. Armed Forces (ROTC).

Schools, state and federal governments, and private organizations provide financial aid. You and your family have the primary responsibility for meeting educational expenses to the best of your ability.

Schools award aid on the basis of financial need (need-based) or on the basis of academic achievement, athletic ability, or other talents or abilities (merit-based). Most financial aid is need-based but is often awarded in combination with merit-based awards.

The school's financial aid office develops your financial aid package according to government guidelines and regulations. The financial aid package is usually a combination of grants, scholarships, work-study, and/or loans, and depends on the availability of funds.

It's to your advantage to apply as early as possible. If you are a senior in high school, submit your FAFSA after January 1, as soon as your family has its tax preparation data. Students who complete and return the FAFSA by March 15 have the best chance of receiving so-called campus based financial aid. Deadlines for financial aid programs vary. If you don't know the deadline, check with the financial aid office or your high school counselor.

Need Analysis is a process used to determine if you have need for aid and, if so, how much need. Financial need is usually the difference between your Cost of Attendance and the amount of money your family is expected to contribute. The formula is:

Total Cost of Attendance (varies from school to school).

Minus Expected Family Contribution (generally the same regardless of school).

The financial information provided on the FAFSA is used by institutions and scholarship services, as well as state and federal financial aid programs, to determine what you and your family should reasonably be expected to contribute toward your educational costs. The standard formula evaluates your family's prior-year income, current assets, and expenses, and provides allowances. The result is your expected family contribution (EFC), which is the amount you and your family are expected to provide toward the cost of your education for that particular school year.
The EFC of a dependent student is calculated on the basis of the student's and parents' resources. The EFC of an independent or self-supporting student is calculated on the basis of the student's own financial resources (and those of a spouse, if applicable).

The parent with whom you lived the most during the past 12 months should complete the application. If you lived with each parent an equal length of time or lived with neither parent, the parent providing the most financial support for you during the last year should complete the form.

Yes, if your guardian has been legally appointed by a court to support you with his or her own resources and that support will continue while you attend a post secondary institution. Otherwise, your guardian is not required to complete the form unless the school requests it.

If you have taught at a Title I (low-income or rural) school for five consecutive years, yes. You are eligible to receive this loan forgiveness after you have completed your fifth year. You and an administrative official at the school will need to complete and submit the application in order to receive the forgiveness. Submitting a Teacher Loan Forgiveness Forbearance application will not result in loan forgiveness.

Aid that is based on a student's ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the type and amount of aid a student is eligible to receive.

Yes. In order to expedite processing your IBR request, please submit us a signed copy of your most recent tax return. While we are able to request your tax information from the IRS if you submit a 4506-T or a 4506T-EZ form, doing so significantly extends our processing time as we await your tax information.

Aid that is based on a student's ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the type and amount of aid a student is eligible to receive.

Forms

The first set of brackets is for the date you first became unemployed or started working less than full-time. The second set of brackets is for the date you would like the deferment to start. The second date cannot be earlier than the first.

If you want only your minimum monthly payment to withdraw, you will not list any amount at the bottom of the form. You will only complete that portion of the form if you would like a set additional amount withdrawn, along with your minimum monthly installment.

You may back date an Unemployment Deferment six months in the past (provided you were unemployed or working less than full-time at the time). You may back date an Economic Hardship Deferment twelve months in the past (provided you met the requirements at the time). If your account is past due, we recommend that you request the date you first became delinquent as your deferment start date.

Loans

The best option for determining what kind of student loan(s) you have is by logging into the National Student Clearinghouse. You may access your information in student portal of website called MyStudentCenter.

Those authorized to have information about a student loan account guaranteed by UHEAA are: the U.S. Department of Education, the school of attendance, the bank or credit union lending the money, the major credit reporting agencies, and any person(s) authorized by the borrower.

No information about a borrower's account can be given to an unauthorized third-party. Without the permission of the borrower, we cannot even confirm that a borrower has an account with us, or disclose any information specific to the borrower's account.

We can provide the same information we provide to a borrower to any authorized third party. However, while a borrower can request any and all changes to his/her account, an authorized third-party can only request changes to a borrower's address and telephone information.

To authorize an individual, the borrower needs to complete an "Authorization to Release Information to a Third Party" form and sign it with his/her legal signature. Click here for a link to this form. The form is also available for download from our website under the "Forms" link.

Because of changes enacted by Congress, all student loans made after July 1, 2008 were transferred to the U.S. Department of Education. This is a potentially confusing and frustrating situation and we at UHEAA pledge to do all we can to help you manage all your student loans. We sent letters to all the affected borrowers showing which loans were transferred (and which weren’t, in some cases).

UHEAA will reduce the interest rate charged to borrowers on Federal Stafford and Federal Parent and Graduate/Professional PLUS loans that are guaranteed and owned by UHEAA as determined by the date of loan servicing begin date (repayment date):

- For loans first disbursed on or after July 1, 2008, by 0.25%.

- For loans first disbursed on or after January 1, 2008 and before July 1, 2008, by 0.50%.

- For loans first disbursed on or before December 31, 2007, by 1.25%.

UHEAA will reduce the interest rate charged to borrowers on Federal Consolidation loans that are guaranteed and owned by UHEAA as determined by the date of first disbursement and UHEAA's ability to continue providing the benefit to borrower. The interest rate is currently being reduced as follows: (please note that UHEAA indefinitely suspended originating Federal Consolidation loans effective September 1, 2008):

- For loans disbursed on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the interest rate by 0.25%.

- For loans first disbursed on or after May 1, 2006 and before December 31, 2007, UHEAA will reduce the interest rate by 0.50%.

- For loans disbursed on or before April 30, 2006, UHEAA will reduce the interest rate by 1.25%.

- These benefit(s) are active during any period in which the borrower makes payments automatically from a checking or savings account through UHEAA’s Automatic Payment Benefit program, subject to the following:
- In order to qualify for the Automatic Payment Benefit, all of a borrower's loans serviced by UHEAA must be set up for automated payments.

- Loans that are in repayment status qualify for the Automatic Payment Benefit after the account is set up for automatic payments from a checking or savings account. Loans in deferment, forbearance or grace status are not eligible for the Automatic Payment Benefit. An Automatic Payment Benefit application received for a loan in deferment, forbearance or grace status will be processed once the loan enters repayment.

- The Automatic Payment Benefit interest rate reduction will remain in effect as long as the loan(s) is paid by automated payments and UHEAA determines it can provide the benefit. The benefit may be reduced or eliminated at UHEAA's discretion.

- The Automatic Payment Benefit may be canceled if the loan has a returned transaction for any reason (NSF, Account Closed, Incorrect Transit/Routing number, deferment or forbearance, etc.).

- If the Automatic Payment Benefit is not canceled upon deferment or forbearance, the loans accrue interest at the federal statutory rate, not the reduced rate, during periods of deferment and forbearance. During periods of deferment, the U.S. Department of Education will pay the accrued interest on subsidized loans at the statutory rate.

If you have taught at a Title I (low-income or rural) school for five consecutive years, yes. You are eligible to receive this loan forgiveness after you have completed your fifth year. You and an administrative official at the school will need to complete and submit the application in order to receive the forgiveness. Submitting a Teacher Loan Forgiveness Forbearance application will not result in loan forgiveness.

Schools award aid on the basis of financial need (need-based) or on the basis of academic achievement, athletic ability, or other talents or abilities (merit-based). Most financial aid is need-based but is often awarded in combination with merit-based awards.

For Federal Stafford or Federal PLUS loans guaranteed by UHEAA prior to May 1, 2000 and first disbursed on or after January 1, 1995, UHEAA will credit to the borrower’s principal balance an amount equal to the Origination Fees paid by the borrower in excess of $240 after the borrower pays the first 24 monthly payments on time, subject to the following:

- The borrower is allowed to make three late payments between 15 and 30 days after the due date without losing eligibility for the Timely Payment Origination Fee Credit Benefit.

- The borrower is immediately disqualified from the Timely Payment Origination Fee Credit Benefit if a payment is 31 days or more delinquent.

- The Timely Payment Origination Fee Credit Benefit is the net amount of origination fees charged to the borrower in excess of $240. To qualify for this benefit the total indebtedness of a borrower’s loans held by LPP must exceed $8,000.

- Periods of time when a loan is in deferment or forbearance are not used to calculate the 24-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the outstanding balance by 2% if the borrower pays the first 48 monthly payments on time.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 1993 and before December 31, 2007, UHEAA will reduce the interest rate 2% if the borrower pays the first 48 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after May 1, 2006 and for Federal Consolidation applications received prior to October 8, 2007 which result in a UHEAA guaranteed Federal Consolidation loan, UHEAA will reduce the interest rate 1% if the borrower pays the first 36 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after January 1, 1993 and before April 30, 2006, UHEAA will reduce the interest rate 1% if the borrower pays the first 48 monthly payments on time.
Eligibility for this interest rate discount is subject to the following additional terms and conditions:

- The borrower’s loan is immediately disqualified from the Timely Payment Benefit if a payment is made 15 days or more after its due date.

- The Timely Payment Benefit can be earned only during the first 48 or 36 months of repayment (depending on the type of loan and the origination date).

- Periods of time when an account is in deferment or forbearance are not counted in the 48- or 36-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment. A borrower must make 36 or 48 timely payments on all open loans in order to qualify. A borrower may not pay a single open loan or a subset of open loans ahead of other loans in order to accelerate eligibility.

- Federal Stafford or Federal PLUS loans entering repayment, or Consolidation Loans originated, prior to January 1, 1993 do not qualify for this benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans held by LPP on which this benefit has been earned, the borrower must re-qualify for the Timely Payment Benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans, the statutory rate, not the reduced rate, will be used to calculate the weighted average of the Federal Consolidation loan.

For Federal PLUS loans held by LPP and guaranteed by UHEAA with a first disbursement date on or after July 1, 1999 and before July 1, 2006, UHEAA applies a credit to your Federal PLUS loan principal balance equal to the amount of interest paid by you during the first 12 months of repayment, subject to the following:

- The PLUS Loan Interest Credit Benefit is calculated using the actual amount of interest paid on the account during the first 12 months of repayment. Capitalized interest does not count toward the credit.

- Periods of deferment or forbearance do not extend the 12-month repayment period.

- The Federal PLUS Loan Interest Credit Benefit is calculated and applied to the loan principal balance within 60 days after the end of the first 12 months of repayment.

- If a borrower pays a Federal PLUS loan in full during the first 12 months of repayment, the credit will be applied to the account and then refunded as an overpayment within 60 days of payoff. Overpayments are refunded to the borrower by check. If the loan is paid in full, the interest credit is equal to the actual amount of interest paid on the account, including accrued interest paid by consolidation.

- If the loan is paid in full by consolidation and the consolidation loan is held by LPP, the credit is applied to the consolidation loan.

- Lump-sum payments cannot accelerate Federal PLUS Loan Interest Credit Benefit eligibility. The loan does not become eligible for this benefit until the first 12 months of repayment have elapsed or the loan is paid in full, whichever comes first.

Loans that are rehabilitated and repurchased are not eligible for the Federal PLUS Loan Interest Credit Benefit.

Yes. In order to expedite processing your IBR request, please submit us a signed copy of your most recent tax return. While we are able to request your tax information from the IRS if you submit a 4506-T or a 4506T-EZ form, doing so significantly extends our processing time as we await your tax information.

If you want only your minimum monthly payment to withdraw, you will not list any amount at the bottom of the form. You will only complete that portion of the form if you would like a set additional amount withdrawn, along with your minimum monthly installment.

You may back date an Unemployment Deferment six months in the past (provided you were unemployed or working less than full-time at the time). You may back date an Economic Hardship Deferment twelve months in the past (provided you met the requirements at the time). If your account is past due, we recommend that you request the date you first became delinquent as your deferment start date.

Auto-Pay is an automatic Payment is a service for borrowers who prefer not to write checks to make their monthly loan payments. Once approved, UHEAA will electronically transfer your monthly installment, along with any additional amount you have requested, from your checking or savings account to your student loan account. This automatic transaction will happen on the same date each month.

Auto-Pay is the easiest and most convenient way to make your student loan payments.
- No more late fees. Since your installment amount is automatically withdrawn from your bank account, your payments will never be late (as long as the funds are available).

- Save money. No need to keep a large supply of stamps and envelopes, or pay for checks.

- Save time. Your time is valuable. The transaction is automatic, so there's no need to make a trip to the post office to mail your payment.

- Help the environment. Going paperless saves trees and reduces solid waste.
Using this service may also qualify you for an interest rate reduction.

Scholarships

Students attending college on scholarships should check the tax status of any financial assistance with their personal tax advisor.

For more information, contact the Internal Revenue Service (IRS) at 1-800-829-1040 or www.irs.gov.

A free publication, titled Scholarships and Fellowships, is available from the IRS by calling 1-800-829-3676 and requesting Publication #520, or by downloading it from the Internet. Other free publications are also available.

The best place to start is at the financial aid office of the college that you are planning on attending and/or the counseling center at the high school you are currently attending. They will have the most detailed information for scholarships relevant to your particular major or field of study.

All FAQs

Students attending college on scholarships should check the tax status of any financial assistance with their personal tax advisor.

For more information, contact the Internal Revenue Service (IRS) at 1-800-829-1040 or www.irs.gov.

A free publication, titled Scholarships and Fellowships, is available from the IRS by calling 1-800-829-3676 and requesting Publication #520, or by downloading it from the Internet. Other free publications are also available.

UHEAA will reduce the interest rate charged to borrowers on Federal Stafford and Federal Parent and Graduate/Professional PLUS loans that are guaranteed and owned by UHEAA as determined by the date of loan servicing begin date (repayment date):

- For loans first disbursed on or after July 1, 2008, by 0.25%.

- For loans first disbursed on or after January 1, 2008 and before July 1, 2008, by 0.50%.

- For loans first disbursed on or before December 31, 2007, by 1.25%.

UHEAA will reduce the interest rate charged to borrowers on Federal Consolidation loans that are guaranteed and owned by UHEAA as determined by the date of first disbursement and UHEAA's ability to continue providing the benefit to borrower. The interest rate is currently being reduced as follows: (please note that UHEAA indefinitely suspended originating Federal Consolidation loans effective September 1, 2008):

- For loans disbursed on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the interest rate by 0.25%.

- For loans first disbursed on or after May 1, 2006 and before December 31, 2007, UHEAA will reduce the interest rate by 0.50%.

- For loans disbursed on or before April 30, 2006, UHEAA will reduce the interest rate by 1.25%.

- These benefit(s) are active during any period in which the borrower makes payments automatically from a checking or savings account through UHEAA’s Automatic Payment Benefit program, subject to the following:
- In order to qualify for the Automatic Payment Benefit, all of a borrower's loans serviced by UHEAA must be set up for automated payments.

- Loans that are in repayment status qualify for the Automatic Payment Benefit after the account is set up for automatic payments from a checking or savings account. Loans in deferment, forbearance or grace status are not eligible for the Automatic Payment Benefit. An Automatic Payment Benefit application received for a loan in deferment, forbearance or grace status will be processed once the loan enters repayment.

- The Automatic Payment Benefit interest rate reduction will remain in effect as long as the loan(s) is paid by automated payments and UHEAA determines it can provide the benefit. The benefit may be reduced or eliminated at UHEAA's discretion.

- The Automatic Payment Benefit may be canceled if the loan has a returned transaction for any reason (NSF, Account Closed, Incorrect Transit/Routing number, deferment or forbearance, etc.).

- If the Automatic Payment Benefit is not canceled upon deferment or forbearance, the loans accrue interest at the federal statutory rate, not the reduced rate, during periods of deferment and forbearance. During periods of deferment, the U.S. Department of Education will pay the accrued interest on subsidized loans at the statutory rate.

Yes. In order to expedite processing your IBR request, please submit us a signed copy of your most recent tax return. While we are able to request your tax information from the IRS if you submit a 4506-T or a 4506T-EZ form, doing so significantly extends our processing time as we await your tax information.

If you have taught at a Title I (low-income or rural) school for five consecutive years, yes. You are eligible to receive this loan forgiveness after you have completed your fifth year. You and an administrative official at the school will need to complete and submit the application in order to receive the forgiveness. Submitting a Teacher Loan Forgiveness Forbearance application will not result in loan forgiveness.

For Federal PLUS loans held by LPP and guaranteed by UHEAA with a first disbursement date on or after July 1, 1999 and before July 1, 2006, UHEAA applies a credit to your Federal PLUS loan principal balance equal to the amount of interest paid by you during the first 12 months of repayment, subject to the following:

- The PLUS Loan Interest Credit Benefit is calculated using the actual amount of interest paid on the account during the first 12 months of repayment. Capitalized interest does not count toward the credit.

- Periods of deferment or forbearance do not extend the 12-month repayment period.

- The Federal PLUS Loan Interest Credit Benefit is calculated and applied to the loan principal balance within 60 days after the end of the first 12 months of repayment.

- If a borrower pays a Federal PLUS loan in full during the first 12 months of repayment, the credit will be applied to the account and then refunded as an overpayment within 60 days of payoff. Overpayments are refunded to the borrower by check. If the loan is paid in full, the interest credit is equal to the actual amount of interest paid on the account, including accrued interest paid by consolidation.

- If the loan is paid in full by consolidation and the consolidation loan is held by LPP, the credit is applied to the consolidation loan.

- Lump-sum payments cannot accelerate Federal PLUS Loan Interest Credit Benefit eligibility. The loan does not become eligible for this benefit until the first 12 months of repayment have elapsed or the loan is paid in full, whichever comes first.

Loans that are rehabilitated and repurchased are not eligible for the Federal PLUS Loan Interest Credit Benefit.

Schools award aid on the basis of financial need (need-based) or on the basis of academic achievement, athletic ability, or other talents or abilities (merit-based). Most financial aid is need-based but is often awarded in combination with merit-based awards.

The financial information provided on the FAFSA is used by institutions and scholarship services, as well as state and federal financial aid programs, to determine what you and your family should reasonably be expected to contribute toward your educational costs. The standard formula evaluates your family's prior-year income, current assets, and expenses, and provides allowances. The result is your expected family contribution (EFC), which is the amount you and your family are expected to provide toward the cost of your education for that particular school year.
The EFC of a dependent student is calculated on the basis of the student's and parents' resources. The EFC of an independent or self-supporting student is calculated on the basis of the student's own financial resources (and those of a spouse, if applicable).

Yes, if your guardian has been legally appointed by a court to support you with his or her own resources and that support will continue while you attend a post secondary institution. Otherwise, your guardian is not required to complete the form unless the school requests it.

If you want only your minimum monthly payment to withdraw, you will not list any amount at the bottom of the form. You will only complete that portion of the form if you would like a set additional amount withdrawn, along with your minimum monthly installment.

You may back date an Unemployment Deferment six months in the past (provided you were unemployed or working less than full-time at the time). You may back date an Economic Hardship Deferment twelve months in the past (provided you met the requirements at the time). If your account is past due, we recommend that you request the date you first became delinquent as your deferment start date.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the outstanding balance by 2% if the borrower pays the first 48 monthly payments on time.

- Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 1993 and before December 31, 2007, UHEAA will reduce the interest rate 2% if the borrower pays the first 48 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after May 1, 2006 and for Federal Consolidation applications received prior to October 8, 2007 which result in a UHEAA guaranteed Federal Consolidation loan, UHEAA will reduce the interest rate 1% if the borrower pays the first 36 monthly payments on time.

- Federal Consolidation loans guaranteed by UHEAA and originated on or after January 1, 1993 and before April 30, 2006, UHEAA will reduce the interest rate 1% if the borrower pays the first 48 monthly payments on time.
Eligibility for this interest rate discount is subject to the following additional terms and conditions:

- The borrower’s loan is immediately disqualified from the Timely Payment Benefit if a payment is made 15 days or more after its due date.

- The Timely Payment Benefit can be earned only during the first 48 or 36 months of repayment (depending on the type of loan and the origination date).

- Periods of time when an account is in deferment or forbearance are not counted in the 48- or 36-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment. A borrower must make 36 or 48 timely payments on all open loans in order to qualify. A borrower may not pay a single open loan or a subset of open loans ahead of other loans in order to accelerate eligibility.

- Federal Stafford or Federal PLUS loans entering repayment, or Consolidation Loans originated, prior to January 1, 1993 do not qualify for this benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans held by LPP on which this benefit has been earned, the borrower must re-qualify for the Timely Payment Benefit.

- If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans, the statutory rate, not the reduced rate, will be used to calculate the weighted average of the Federal Consolidation loan.

For Federal Stafford or Federal PLUS loans guaranteed by UHEAA prior to May 1, 2000 and first disbursed on or after January 1, 1995, UHEAA will credit to the borrower’s principal balance an amount equal to the Origination Fees paid by the borrower in excess of $240 after the borrower pays the first 24 monthly payments on time, subject to the following:

- The borrower is allowed to make three late payments between 15 and 30 days after the due date without losing eligibility for the Timely Payment Origination Fee Credit Benefit.

- The borrower is immediately disqualified from the Timely Payment Origination Fee Credit Benefit if a payment is 31 days or more delinquent.

- The Timely Payment Origination Fee Credit Benefit is the net amount of origination fees charged to the borrower in excess of $240. To qualify for this benefit the total indebtedness of a borrower’s loans held by LPP must exceed $8,000.

- Periods of time when a loan is in deferment or forbearance are not used to calculate the 24-month time period.

- Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment.

The Utah Higher Education Assistance Authority (UHEAA), a subsidiary of the State Board of Regents, is an agency of the State of Utah which administers Utah's student financial aid programs, including the student loan guarantee program and secondary market, state need-based financial aid, the Utah Educational Savings Plan Trust, and the Utah Engineering and Computer Sciences Loan Forgiveness Program. UHEAA's mission includes comprehensive outreach and information to assist citizens in planning for and financing postsecondary education, and special programs to keep student loans affordable and help borrowers avoid delinquencies and defaults.

Need Analysis is a process used to determine if you have need for aid and, if so, how much need. Financial need is usually the difference between your Cost of Attendance and the amount of money your family is expected to contribute. The formula is:

Total Cost of Attendance (varies from school to school).

Minus Expected Family Contribution (generally the same regardless of school).

Auto-Pay is an automatic Payment is a service for borrowers who prefer not to write checks to make their monthly loan payments. Once approved, UHEAA will electronically transfer your monthly installment, along with any additional amount you have requested, from your checking or savings account to your student loan account. This automatic transaction will happen on the same date each month.

Aid that is based on a student's ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the type and amount of aid a student is eligible to receive.

Aid that is based on a student's ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the type and amount of aid a student is eligible to receive.

The best option for determining what kind of student loan(s) you have is by logging into the National Student Clearinghouse. You may access your information in student portal of website called MyStudentCenter.

Families are expected to be the primary source of education funding. Savings and contributions from friends and relatives are often used to help meet education costs. Beyond this primary source of funding, financial aid is available to those who qualify. Types of financial aid include:

- Scholarships
- Grants
- Loans
- Work Study
- Other Need-based Aid

Scholarships are awards usually based on skill, ability, talent, or achievement.

Grants are funds that generally don't have to be repaid. A recipient who fails to enroll, withdraws, or changes enrollment status may owe a refund or repayment depending on the school's refund/repayment policy. Grants are usually awarded according to an applicant's financial need.

Loans are another option for students. If a student decides to borrower, they should always borrower from the federal government first. The Free Application for Federal Student Aid (FAFSA) must be completed prior to be awarded any federal financial aid.
Most student loans, some with government subsidies while in school, must be repaid.

Work study is also a form of financial aid. Work study is subsidized by the government allowing students to work at certain jobs on and off campus.

Other forms of need-based aid may include waivers of tuition and/or fees are offered by some schools. Military benefits may also be available to individuals (or to their dependents) who have performed military service or are preparing to enter the U.S. Armed Forces (ROTC).

These programs exist to provide financial and informational assistance to Utah residents and students attending Utah postsecondary institutions in making the best decisions about and obtaining financial access to higher education.

It's to your advantage to apply as early as possible. If you are a senior in high school, submit your FAFSA after January 1, as soon as your family has its tax preparation data. Students who complete and return the FAFSA by March 15 have the best chance of receiving so-called campus based financial aid. Deadlines for financial aid programs vary. If you don't know the deadline, check with the financial aid office or your high school counselor.

The best place to start is at the financial aid office of the college that you are planning on attending and/or the counseling center at the high school you are currently attending. They will have the most detailed information for scholarships relevant to your particular major or field of study.

The parent with whom you lived the most during the past 12 months should complete the application. If you lived with each parent an equal length of time or lived with neither parent, the parent providing the most financial support for you during the last year should complete the form.

The school's financial aid office develops your financial aid package according to government guidelines and regulations. The financial aid package is usually a combination of grants, scholarships, work-study, and/or loans, and depends on the availability of funds.

Those authorized to have information about a student loan account guaranteed by UHEAA are: the U.S. Department of Education, the school of attendance, the bank or credit union lending the money, the major credit reporting agencies, and any person(s) authorized by the borrower.

No information about a borrower's account can be given to an unauthorized third-party. Without the permission of the borrower, we cannot even confirm that a borrower has an account with us, or disclose any information specific to the borrower's account.

We can provide the same information we provide to a borrower to any authorized third party. However, while a borrower can request any and all changes to his/her account, an authorized third-party can only request changes to a borrower's address and telephone information.

To authorize an individual, the borrower needs to complete an "Authorization to Release Information to a Third Party" form and sign it with his/her legal signature. Click here for a link to this form. The form is also available for download from our website under the "Forms" link.

Schools, state and federal governments, and private organizations provide financial aid. You and your family have the primary responsibility for meeting educational expenses to the best of your ability.

Because of changes enacted by Congress, all student loans made after July 1, 2008 were transferred to the U.S. Department of Education. This is a potentially confusing and frustrating situation and we at UHEAA pledge to do all we can to help you manage all your student loans. We sent letters to all the affected borrowers showing which loans were transferred (and which weren’t, in some cases).

The first set of brackets is for the date you first became unemployed or started working less than full-time. The second set of brackets is for the date you would like the deferment to start. The second date cannot be earlier than the first.

Auto-Pay is the easiest and most convenient way to make your student loan payments.
- No more late fees. Since your installment amount is automatically withdrawn from your bank account, your payments will never be late (as long as the funds are available).

- Save money. No need to keep a large supply of stamps and envelopes, or pay for checks.

- Save time. Your time is valuable. The transaction is automatic, so there's no need to make a trip to the post office to mail your payment.

- Help the environment. Going paperless saves trees and reduces solid waste.
Using this service may also qualify you for an interest rate reduction.